Wall Street rocketed higher in the final trading session of what has been a tumultuous month as traders cheered a coordinated action by central banks to buttress money markets and a bounty of bullish economic data, pushing the Dow and S&P 500 above psychologically-important levels.
The Dow Jones Industrial Average, as quoted by foxbusiness.com, soared 490 points, or 4.2%, to 12,046, the S&P 500 jumped 51.8 points, or 4.3%, to 1,247 and the Nasdaq Composite leaped 105 points, or 4.2%, to 2,620.
Stocks have made an abrupt shift into rally mode this week, following a steep multi-week selloff. Indeed, the Dow is now above the 12,000 mark, while the S&P 500 surpassed the 1,200 level.
The Dow's performance on Wednesday was the seventh best since the blue-chip index was created in 1896 on a point basis, and the best on a percent basis since 2009. The rest of the month was choppy, but this week's rally helped offset much of the earlier loss. For the month, the Dow rose 0.7%, the S&P 500 slipped 0.5% and the Nasdaq stumbled 2.4%.
On the day, every major sector was in the green, but energy, basic materials and financial firms saw the most buying. Additionally, roughly 98 of every 100 stocks on the broad S&P 500 ended the in the green along with every blue chip. More than 97% of volume on the New York Stock Exchange was in advancing shares, and volatility plunged 9.3%. How about Indonesia stock market today? Here are recommendations provided by Bisnis Indonesia today:
Jakarta Composite Index (JCI) today may move within the range of 3,665-3,748 with several stocks to watch: PTBA, INDF, and INKP. Yesterday, the JCI inched up 0.74% to 3,715.08.
The index today is estimated to consolidate to the range of support and resistance at 3,687-3,740 after gaining 0.74% yesterday to 3,751.08. The JCI gained on the back of the slump of regional major stock indices.
Technically, the index may increase to the range of 3,680-3,745. The US economy indicators, which will be released, could provide positive sentiments to the index. Several stocks to watch for day trading: BWPT, BBCA, PGAS, and ISAT.
Minna Padi Investama:
Today, the index tends to make further gain with the support level at 3,679. Investor is waiting for inflation data which is expected below 0.4%. Several stocks to monitor: BBRI, INDY, and INDF.
Disclosure: No position at the stock mentioned above.